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Closing Bell: The quiet bullish day (AMSC, AMAT, SVNT, SRZ)

Posted Oct 9th 2009 4:00PM by Jon Ogg (RSS feed)
Filed under: Applied Materials (AMAT)

All in all, this was a fairly quiet day. The markets started out soft but managed to hold up most of the day. A CEO confidence reading may have helped somewhat.

Here are today's unofficial closing bell levels:

Dow 9,858.36 +71.49 (0.73%)
S&P 500 1,071.06 +5.58 (0.52%)
Nasdaq 2,138.23 +14.30 (0.67%)

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Continue reading Closing Bell: The quiet bullish day (AMSC, AMAT, SVNT, SRZ)

Who does Sunrise Senior Living (SRZ) think its owners are?

Posted Oct 1st 2007 4:47PM by Zac Bissonnette (RSS feed)

It's a well-known fact that corporate governance in general, and annual meetings in particular, are a complete joke. If you believe in shareholder democracy, then please give me the tooth fairy's email address.

But Sunrise Senior Living, Inc. (NYSE: SRZ) has taken the corporate governance parody to astounding heights. On October 16th, 17 months after its last annual meeting, and after options scandals, accounting scandals, and the firing of a CEO among other thing, shareholders will convene for the annual meeting.

The New York Times piece on this travesty sums it up: Welcome to the annual meeting. Now be quiet. Only three directors will be standing for re-election, and no other business issues will be allowed to be discussed.

And we thought the shareholders owned the company, and the board/officers were supposed to be held accountable to them. Hah!

We can only hope Sunrise's assisted-living facilities treat their residents with more respect than the company treats its shareholders.

GE gets into the 'senior living' market with new deal

Posted Sep 27th 2006 10:16AM by Melly Alazraki (RSS feed)
Filed under: Deals, Industry, General Electric (GE)

It's a done deal! The acquisition of six Florida senior living communities in a joint venture between GE and Sunrise was completed today.

GE Healthcare Financial Services, a subsidiary of General Electric Company (NYSE: GE), partnered up with Sunrise Senior Living Inc. (NYSE: SRZ) and together they bought six Florida senior living communities for $460 million. The deal included assuming $134 million in debt and $10 million in transaction costs.

While GE funded about $117 million of the $460 million purchase price, Sunrise only contributed some $39 million and the rest was financed. Yet Sunrise brings the experience and is set to manage the properties. Sunrise will have a 25% stake in the venture with GE having the remaining 75%.

The communities purchased can house about 2,300 residents and have annual revenues of more than $65 million. With this move, GE is trying to further capitalize on what is believed to be one of the future growth businesses as the baby-boomers age -- especially the independent living market one.